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Bank of America, JPMorgan Chase, Wells Fargo to make Charlotte home of mobile banking venture

Three of the nation’s biggest banks — Bank of America, JPMorgan Chase and Wells Fargo — have teamed up to start a Charlotte-based joint venture to allow customers to pay for goods and services using only an email address or mobile phone number.

The joint venture is called clearXchange.

The technology is nothing new; Companies such as PayPal already offer a similar service. But clearXchange marks the first time established banks embrace email- or mobile number-only methods of payment.

In a press release, Charlotte-based Bank of America said customers of the three banks will be able to move funds from their checking accounts using an e-mail address or mobile number, instead of providing checking account and routing numbers.

“This is an innovative game-changer in electronic payments,” Mike Kennedy, executive vice president and head of payments strategy at Wells Fargo, said in the release. “We want our customers to be able to easily send money to anyone without having to establish a new account outside their primary bank. All our customers need to know is the e-mail address or mobile number of a friend or family member and we will take care of the rest utilizing clearXchange.”

The three banks will own and run clearXchange, with Bank of America’s John Feldman serving as general manager. Financial terms were not disclosed.

“Our goal is to provide convenient and safe financial services options for our customers,” David Owen, ecommerce, claims and fraud executive at Bank of America, said in the release. “By creating a utility like clearXchange, we are able to meet the needs of our customers and differentiate our capabilities from other offerings in the marketplace.”

Scott Baughman can be reached at scott.baughman@mecktimes.com.

One comment

  1. I have a horrible experience with ClearXchange. It is actually more difficult than Paypal. I wanted to receive some money sent by Wells fargo, and since I don’t have a wells Fargo Account I didn’t have a choice but to use ClearXchange. Everything was find until I entered personal information (which i double checked) and it was rejected saying it has to be according as it appears in public records. Why they have to use the public records? That is a very bad system. At least in Paypal all you have to do is enter your bank information and verify with the bank itself, as simple as that. With ClearXchange you have to figure out how your name and address appears in the public records and guess it and if you fail two times the accounts locks itself and you have to call the the company to have it unlock and try again until you find the right combination of your name and address. They have a horrible costumer support (only monday to friday) that can only tell you what you already know on the website. My recommendation for them is to eliminate the public records system and make it simpler to people set up the account with ClearXchange, otherwise very bad to work with at the moment.

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